ILO Publishes Global Wage Report 2024-25
In News
What Happened
Why It Matters
Background
History & Context
What Changed
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Global Real Wage Growth: IN 2022, global real wages contracted by 0.9 percent due to severe global inflation. NOW in 2024, real wage growth has recovered to a projected 2.7 percent, marking the highest increase in over 15 years.
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Productivity vs Wage Growth: BEFORE, historical wage growth more closely tracked labor productivity gains. NOW, the report highlights a sharp decoupling; between 1999 and 2024, productivity in high-income countries grew by 29 percent while real wages grew by only 15 percent.
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Low-Paid Workers in India: BEFORE 2008, India had a substantially higher proportion of highly vulnerable low-paid workers. NOW, the share of low-paid wage workers (earning less than 50 percent of the median hourly wage) has declined to 9.5 percent, following an average annual decline of 6.3 percent between 2008 and 2018.
Prelims Angle
NCERT Connection
Practice Questions
Q1
With Reference ToWith reference to the ILO Global Wage Report 2024-25, consider the following statements: 1. Global real wage growth remained negative in 2024 due to persistent inflation. 2. Labour productivity has increased more rapidly than real wages in high-income countries between 1999 and 2024. 3. Wage inequality has increased in the majority of countries globally since the year 2000. Which of the statements given above is/are correct?